Healthcare fintech Simplee has raised $20 milli0n in Series C funding. Social Capital led the round with participation from new investor American Express Ventures and existing investors 83North and Heritage Group.
The $330 billion billion Americans spend out of pocket each year on health care expenses is more than they spend online. That makes the healthcare sector ripe for disruption, Social Capital cofounder and partner Ted Maidenberg said.
“Many components of our healthcare system are ripe for transformation by technology-minded companies, and payments represents one of the biggest near-term opportunities. Patient payments are largely broken, and we’re excited to expand our investment in Simplee as they bridge the consumer experience gap and set a new bar for how patients engage and pay in healthcare.”
Healthcare providers looking to differentiate themselves should look at technology, Simplee’s CEO and cofounder Tomer Shoval said.
“The patient financial experience is proving a brand differentiation source for healthcare providers in the rising consumer battle for patients. We are thrilled to have support of investors like Social Capital and American Express Ventures as well as returning investors 83North and Heritage Group as we define the financial technology future of healthcare.”
Simplee works with more than 800 hospitals and physician groups, and five million patients across the US representing over $1 billion in annual payments.